A 2014 survey conducted by Insure.com shows that many people who have car insurance coverage don't understand their policies. Do you know the facts about your policy?

Although the survey included 10 questions about all types of insurance, it is interesting to note how people answered the questions on automobile coverage in particular. Having incorrect information can impact how you purchase insurance and even how you obtain car insurance quotes when searching for the best deal.

Color Doesn't Matter

The top myth on car insurance was how much color affects rates. The question was stated in a true or false format and stated that red cars are more costly to insure. The reason given was that they are stopped more often for speeding.

While red cars may have a reputation for being owned by fast drivers, they do not cost more to insure. Color doesn't factor into car insurance rates. However, on this question, 46 percent of people answered "true."

Another misconception is that smaller cars are less costly to insure. The truth is that this statement only works with SUVs and minivans where small and mid-size vehicles are less expensive to insure than the full-size or large vehicles.

Small cars are not cheap to insure because they may not hold up as well in an accident and result in higher claims for injuries.

Losing Coverage

Another myth that was uncovered in the survey is that people believe that their insurance company can drop them immediately if they are the cause of a serious accident that results in extensive costs. They may worry about losing coverage if they receive a traffic violation as well.

While risky drivers are costly to insure and you can lose coverage if you have a high claim or multiple traffic tickets, insurers must generally send a statement in writing to let you know they won't be renewing your policy. They won't drop you in the middle of your policy period in most cases. This gives you time to look for other coverage before your period ends.

A similar myth in the survey stated that the insured can let someone drive their car and not be held responsible for any damages that result from an accident. About 25 percent of the survey respondents believe this is true.

This is a dangerous misconception because the fact is that the owner of the car and insurance policyholder is the one held responsible if you knowingly let someone else drive your car. If that person is in an accident, your policy will have to pay out and that could increase your rates. The lesson learned with this busted myth is to be careful who you allow to drive your vehicle.

People have an inaccurate view of comprehensive insurance, according to this survey. They believe a comprehensive policy covers anything that could happen to your car. In reality, only specific causes of damage are covered:

Theft

Storm damage

Vandalism

Collisions with animals

This survey by insure.com shows that people need to ask questions and not assume they know all of the facts. Once you find a good rate with car insurance quotes from a provider, ask questions to make sure you understand the coverage before you sign up.